The new Lucid Motors deal with a special purpose acquisition company has attracted interest from various groups in this sector. The deal involves $24 billion, and the investment market is keenly watching its application in the electric vehicle industry. Numerous investors are ready to pump in their support to this company after it announced plans to unveil an electric sedan.

People are anticipating and waiting to test the Lucid Airs, hopeful that it can rid them of range anxiety. Experts argue that range anxiety can be mitigated in two ways. First, the companies should sell the battery electric vehicles with a short mileage range provided they don’t maneuver to distant journeys. Additionally, the electric vehicle developers can assure the customers that the models can serve them effectively.

Tesla has proved to be effective in the electric vehicle market because it dominates the market with its products. This company’s customers have come to appreciate its products because they live to the value allocated to them. Moreover, the company has installed fast chargers along the roads to motivate people to take up their vehicles. Lucid Motors announced that its new electric model could charge in about 20 minutes and cover 300 miles.

The company stated that this is possible because of their collaboration with Electrify America. The company is also developing a 300 kW fast charger to serve their utilities and boost their market share. Before the other companies can think of beating Tesla, they must first analyze the available fast DC chargers in highways that are compatible with their cars and explore this advantage. Companies like Lucid Motors will require the support of other companies like Evgo and Electrify America to realize their objective.

However, the latest challenge in this industry is the high cost of fast chargers. This concept implies that these electric vehicle charging utilities’ rollout cost will be high, hindering the customers from enjoying their services. Moreover, the company has to think of ideal power sources that will be supplied to the electric vehicle charging stations.

Tesla has managed to work around the bureaucracy surrounding the development of charging utilities and come up with superchargers at crucial points where their customers operate their cars. Integrating time and technology to meet the demands of customers is the ideal concept that companies entering this industry must implement. Currently, there is little competition coming towards Tesla because the companies have not outsmarted it in developing electric vehicle charging infrastructure. Nevertheless, the industry will be competitive with the new strategies being employed by the various automotive companies.

By Adam